Customer Reviews

Marketing Your Invention

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I was burned by ISC for a lot of money, if I was reading this book before it would never happen. I have learned a lot about the logic behind marketing your own invention. It is not hard to do, but you have to be honest with yourself first. There are a lot of good places with good information for all inventors on the Internet that will complement the content of this book... take advantage - stay informed. Do not call any "800" numbers that you see on TV they are all crooks.

As an innovator as well as a member of several inventors groups, I experience frequently the needs, problems and frustrations that members have with their inventions. The biggest misconception in my view is that most inventors think that obtaining a patent is a license to print money. That a patent is a type of guarantee for the success of your idea. Nothing could be further from the truth. For most inventors their happiest day is the Tuesday when their patent issues. This is completely absurd since the happiest day should be when their idea is making them money. In the book "Marketing Your Invention", Mr. Mosley goes to great lengths to share his experiences from reviewing hundreds of new ideas and innovations and how new inventors can avoid all the pitfalls. It is sad to say that most new ideas will never return the amount of money that it cost for patenting a new idea. The reason is they have no idea of how to market their idea. Invention marketing companie! s know that most inventors have no idea of how to market their idea so they sell them a dream about how great their idea is and how they will bring it to market. The first step before spending any money on a new idea should be to obtain a copy of "Marketing Your Invention" and taking the time to thoroughly understand how hard it truly is to get a new product onto the market. Marketing is the key, no matter how good your product is without marketing it will go nowhere. Often the success of a product depends more on its name and packaging than the product itself. This is done with a great marketing plan.

It is a sad fact of life that only between one and two percent of patented items make money for their inventors. The author of this book believes this could be increased to between five and ten percent if inventors were provided with and used the information now available through inventor clubs and other groups such as Oklahoma's Inventors' Assistance Program.

Once the inventor has demonstrated he has a working concept and has established some legal protection for it (preferably at least patent pending status), he is faced with a basic decision. That is, to manufacture it himself ("venturing") or to license it to others ("technology transfer" in today's terms).

It is another sad fact of life that most inventors do not possess the qualities needed for creating successful businesses. Thomas Edison is a classic example. Although a brilliant inventor, he often failed when he attempted to commercialize his inventions.

A frequent mistake is not doing elementary market research at an early stage. Large sums of money are often spent on prototyping, patenting, and tooling only to learn that the idea has already been patented and may even have been a catalog item for years! Without revealing details of his invention, an inventor can make a simple check using local library directories. Catalogs and a simple computer check may reveal incredible sources of information relating to his item. The author cites a typical experience where a $50 computer research and a $15 phone call could have saved an inventor $4,000.

This author does a superb job of warning about the many fraudulent "invention development companies" that fleece American inventors out of hundred of millions of dollars every year. He suggests that before you even talk to any firm advertising such services that you check with Robert Lougher of the Inventors Awareness Group, 1533 East Mountain Rd., Westfield, MA 01085-1458 (phone 413-568-5561).

Many inventors suffer from the "great mousetrap fallacy". As children we were told Emerson had said "If you build a better mousetrap, the world will beat a path to your door". His actual words were distorted and that distortion is still quoted today. Yet many inventors assume that they can sit back and wait for a mob of customers to arrive. He who thinks, in this day and age, that a product will sell itself is out of touch with the real world.

Another common disease found among inventors is the tendency to write sales letters that make "deal-killer statements". Some inventors seem totally unaware of the red flags certain statements raise in the mind of potential investors or customers. Mosley cites as examples: "There is no competition" and "If we just get five percent of the market, we'll all be rich". He notes even when there is no direct competition there is indirect competition; television still has to contend with books, movies, etc. Inventors who think they will get five percent of the market just by entering the market impress investors as being blissfully unaware of the difficulties that the marketing of a new item can present.

Inventors often fail to grasp that manufacturing costs are often only a small percent of the retail price. They think that if they can make their item for, say, one-half of what stores are selling similar items for, they will take over the market. They fail to realize that the established items have costs of raw material and labor that are one-fourth or less of the retail price.

Mosley points out that successful inventions are characterized by having the three keys to success: quality, synergy, and research. Quality in a product, he notes, is not only that which modem quality control methods help to achieve, but also that which customers somehow perceive that the product possesses.

By synergy he means how well a new product fits in with a company's other products. A good fit will ensure that the company you license will commit their manufacturing skills, financial resources, and marketing know-how to your product.

The third key, market research, should be viewed as an investment and not as an expense. Modern computer technology makes it possible for extensive market research to be conducted at a high speed. He discusses several databases he has found valuable. He also offers nine more characteristics of successful inventions in addition to these three keys.

In his discussion of licensing and royalties, he points out how certain misperceptions by inventors often kill deals. One such area is the matter of up-front money. Some inventors absolutely will not make a deal without a significant advance payment by the licensee. This can sour potential licensees who would otherwise be willing to risk considerable time and money in bringing the invention to market.

The author devotes an entire chapter to "Ten Ways to Invention Suicide". This chapter analyzes ten common ways in which inventors end their invention's future. He cites the "paranoid inventor" who cannot bring himself to trust anyone. The "omnipotent inventor" who thinks that without any resources whatever he can take on an entire industry and the "greedy inventor" who wants it all for himself.

He goes on to describe seven other types. Some are so emotionally attached to their inventions they cannot enter reasonable deals, some are deaf to suggestions, some who delay and delay when making decisions, and even some who literally fear success.

The book concludes that if the independent inventor thinks that there is some magic formula for the commercialization of his invention, that his invention will probably end up among the 98 percent that fail. However, if the inventor makes an honest effort to understand the process of new product development, he can beat the great odds against new products.

I was blindly trying to market my invention when I saw this book. I bought it immediately and could not put it down. My whole approach had been wrong. I needed to be marketing to those with the money and experience to get it to the mass merchandisers. Once I changed my focus and collected testimonials from the right people things began to happen. I now have a licensing agreement in place for 7.5% and do not have to raise capital, worry about meeting a payroll, etc. I wholeheartedly recommend reading this book before trying to market your invention to anyone.

Having read several other books on invention marketing I found this one to be the best. It uses actual and very interesting studies to illustrate the concepts of getting product ideas into the marketplace. I found this to be most helpful and recommend all other inventors read it as soon as possible.

This is a very useful book for any inventor trying to learn the ropes on how to market their own invention. Marketing an invention is a very dificult task and the majority of those trying it fail. Reading this book may improve your chances to succeed. The book is written in an easy to understand non-academic way, presenting the invention marketing process from an original point of view. The fact that the overal tone is not cheerful and a lot of mistakes are pointed out it will upset some over optimistic readers. Tom Mosley did a good job trying to convey to us what is needed to be successful and what are the usual problems.

Genius is hard work. As Mr. Mosley emphasizes, "It is extremely difficult to license an idea with no proprietary position. If your product or process cannot get to the patent pending stage, it is usually best to forget about it." Mosley's book deals with protecting your idea, determining marketability, positioning your invention, attracting investors, and avoiding scams. Brief and well-written, this is the perfect introduction to the business of inventing.

Mosley takes you through the hoops of inventing. He emphasizes the importance of due diligence in both the early and later stages of inventing. I particularly like the inventors myths because so many inventors are under false illusions when they begin. This book covers so many of the needed basics on the inventive process. It not only gives you a good overview, but a really good roadmap with a heavy emphasis on research and marketing. Tom's book will help anyone with a new idea or invention to avoid the pitfalls, and help them understand that in the invention process, there is a beginning, a middle, and an end i.e. successfully on the market. He's right on the money!

As a former Wal-Mart buyer, district manager and presently as a consultant to inventors I firmly believe every inventor should read this book before embarking on his or her quest to commercialize a new product. Mosley's book, based on hundreds of projects, has hit the nail on the head.

What luck! The first book related to inventing I read and I find a Five star winner. This book is FUN to read. More inportantly this book is filled to the "brim" with excellent information that everyone involved in inventing should own. I have highlighted and underlined a good portion of this book so that I can find this very useful information in a flash. Thank you Mr. Mosley for sharing Your experiences with us your readers. Everyone who cares to see his or her invention/innovation "go to market", first needs to read your book "Marketing your invention".